Most of us are ready to be done with FACTA (Fair Accurate Credit Transaction Act)! However, it will be with us until the FEDs figure out exactly how to interpret and implement the last two sections…There is confusion and disagreement between some of the Agencies. This webinar will review the key points/components of Sections 311 and 312 and what we believe the examiners are going to be looking for in the process. There are a lot of land mines under both sections but we have a simple checklist for you to follow in order to be ready for your first and second exam. Not sure about all these notices and when to use: Notice of Determination; Risk Base Pricing Notice; Exception Notices; or Frivolous Dispute Notice?
We will cover all of these notices and more in this 2 hour webinar! Examples will be included.
- What your policy and procedures need to spell out for each Section.
- Which method is best for you? Case by Case, Credit-Score Proxy or Tiered-Pricing method or ?
- Establishing and implementing appropriate internal controls regarding the "accuracy and integrity" of information furnished on consumers.
- Review of the all important Exceptions to the rules
- Consumer requirements for direct disputes to your organization
- The New &Improved Notice to Home Loan Applicant (Secured by 1-4 units of Real Estate)
- Frivolous Disputes – When the law says it is OK not to respond to a direct dispute and the steps your Credit Union must take.
- Using Multiply Credit Scores and Consumer Disclosures
- Providing the proper training to your staff and documentation.
- What you need to do if the Credit Score is not available
- Auto Lending Notice Requirements
- Providing appropriate and effective oversight of relevant service providers.
- Account Review(s) and consumer notifications
- Rules regarding Multi-Party Transactions
- Examples of Model Notices and Timing
Who Should Attend?
This informative session is designed for Board Members, Officers, Auditors, Compliance, and, Lending Personnel.
Greg Souther is President of Greg Souther Consulting &Seminars (www.gregsouther.com) a firm that provides training and consulting to companies in the following areas: Customer Service &Communication; Credit, Collection, &Compliance; Fraud Prevention&Information Security; and Marketing &Sales.
With over 25 years of training and speaking experience, Greg and his associates share practical "how to" advice that everyone can easily understand and use in their daily work environment.
Greg was Co-Owner and Manager of The Credit Bureaus of Southeast Georgia, the parent company for six Credit Reporting and Collection Agencies based in Brunswick, Georgia. Other Management, Marketing, and Human Resource experience includes Credifax, formerly the Credit Bureau of Jacksonville, the Credit Bureau of Valdosta, and the Credit Bureau of Athens.